While the graduate business education degree helps prepare professionals for management roles or for a transition to a different career path, an executive program caters to more experienced, full-time working professionals who want to reach the highest levels of management in their current industries.

Here’s what you need to know about program formats, career options, and compensation prospects before choosing between a traditional and an executive MBA program.

Ideal candidates for EMBA and MBA programs + factors to consider

While a traditional MBA program can be an asset for professionals at any point in their careers, the executive MBA option is geared toward professionals aiming to rise to a C-suite role. The average executive MBA student has about 14 years of work experience, meaning they are at least 30 years old. Students also typically have around eight years of managerial experience and are looking to advance into more senior leadership. 

Arman Davtyan, assistant dean of enrollment management of Pepperdine University (Graziadio), says EMBA students are typically looking to upskill in areas like high-level strategy, leadership, and decision-making. 

“Most EMBA programs are cohort-based, emphasizing a shared learning experience within a closely-knit peer network. As such, these programs are typically designed to allow students to draw upon their own business experiences and challenges to contextualize learning,” Davtyan adds.

Demand for an EMBA remains high. Between 2022 and 2023, the number of inquiries at EMBA programs grew by about 15%, according to the Executive MBA Council (EMBAC).

EMBAs are a sought-after, “valuable credential” for those people interested in a senior leadership role, Bill Chionis, principal consultant at Stacy Blackman Consulting previously told Fortune. Programs teach skills that translate across all industries.

Chionis has spent years helping candidates get into top EMBA programs, and he said the ideal candidate will exhibit academic readiness, in addition to having leadership and management experience. Students will be asked to share with their cohort about past successes and failures—and individuals willing to reflect on their skills add value to the program. 

“They’re also looking at candidates holistically as human beings,” Chionis said. “All programs have different cultures, philosophies, perspectives, and histories. They deliver a similar EMBA curriculum in different ways, and they’re interested in candidates who will be an exceptional fit into the program.” 

Conversely, professionals with a range of work experience can apply for traditional full-time MBA programs, which can help them move upward in their current field or transition to another industry.

Learn more: 10 executive leadership programs that should be on every business leader’s radar

Concentrations/curriculum

While both MBA and EMBA cover similar foundational topics like accounting, marketing, and strategy, every school has different elective coursework that students can form into a concentration or specialization. So, it is important to research what areas of focus schools are known for and apply for ones that best fit into your career goals. Note that concentrations within EMBA programs are less common than traditional MBAs.

At Baylor University (Hankamer), for example, MBA students can concentrate in healthcare administration, business analytics, cybersecurity, entrepreneurship & corporate innovation, and sustainability whereas EMBA students can study healthcare administration, cybersecurity, executive communication, and marketing.

For your convenience, Fortune has ranked the best MBA programs for those looking to concentrate in:

• Best MBA for Consulting
• Best MBA for Healthcare Management
• Best MBA for Human Resource Management
• Best MBA for International Business
• Best MBA for Sustainability

Cost

While exact costs may not be perfectly comparable between MBA and EMBA programs due to differing academic and billing cycles, institutional price trends tend to remain. For example, at Northwestern University (Kellogg)—home to the No. 1 best EMBA program and No. 3 best MBA program—the entire cost of tuition for an EMBA is about $195,934 whereas tuition for the full-time, traditional MBA is about $198,936. Both will also incur various other costs like fees, housing, and books.

Because EMBA students are more so looking to upskill versus reskilling to a new industry, EMBA applicants may have better success at having their employer pay for all or part of their education. According to EMBAC, 16.1% of EMBA students receive full sponsorship.

Location

While EMBA programs are catered to working professionals, meaning they are held in-person in the evening, on weekends, or even online—it is likely students will need to be on-campus for some period of time. As a result, be honest with how long of a commute it is to and from campus and whether your life situation can cater to those needs. For those needing added flexibility, online MBA programs may worth the investment.

The best MBA vs. EMBA programs

The 5 best MBA programs

The 5 best EMBA programs

Note that not all business schools offer executive MBA programs. Harvard Business School, for example, which is home to the No. 1 best MBA program, does not have an executive MBA, but it does offer other programming targeted at more experienced working professionals.

Career and salary prospects for EMBAs and traditional MBAs

One perk of an MBA is the breadth of experience brought together in its cohorts. Students may have a background leading for-profit organizations, not-for-profit organizations, or even come from military service. Paired together with a rigorous curriculum, students can begin applying new skills to their job, and thus even get promotions while still in school.

EMBA graduates received a 23.9% increase in compensation – combined, both salary and bonuses – after program completion, according to EMBA’s 2022-23 exit survey. Students’ salary and bonus package averaged about $193,215 when they started—and by the end earned $239,312. That’s compared to just a 14.1% increase in 2020.

The median expected salary of traditional MBA graduates is about $125,000, according to the Graduate Management Admission Council. Many students enter the program with less than a six-figure salary, so the pay increase is also substantial.

Overall, it can be challenging to pinpoint whether an MBA or EMBA has a higher return on investment (ROI) because every student is unique. Because EMBA candidates have more work experience, their pay looks significantly higher on paper. For example, at UCLA (Anderson), the median base salary of 2023 MBA graduates was about $150,000. For those with an EMBA, the median pay is closer to $236,000.

Outcomes data is also not always consistent at institutions, so it can be difficult to gauge exact success. However, rest assured that thousands of students graduate each year from MBA and EMBA programs—and go on to land high-paying jobs at their dream companies. The degree provides students with a toolkit for achievement, but it is up to you to figure out which pathway is best for your future.

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Frequently asked questions

Is EMBA more prestigious than MBA?

On paper, an EMBA is not necessarily more prestigious, but it can help boost your career. For mid-level professionals looking to advance to a more senior leadership position, including in the c-suite, then getting an EMBA can certainly be a career enhancer, especially for those who previously did not attend business school.

Is an EMBA still an MBA?

Yes, an executive MBA is still a form of a master’s in business administration and signals achievement in business leadership.

What are the disadvantages of an executive MBA?

An EMBA can have several disadvantages, including high cost. No matter the program, balancing an EMBA with work and life can also be challenging, especially considering most students are at least in their mid-to late-30s and may have responsibilities like children or caring for an elderly family member.